Hector Sants' replacement at the FSA needs to better balance consumer protection and interests with care for those working in the industry, the Association of IFAs (AIFA) says.
The trade body says some of Sants' views on the place of the FSA within the industry were the complete opposite of AIFA and its members.
Chris Cummings, director general of AIFA, says: "What we need is a new CEO who is prepared to be a cheerleader for the industry."
Cummings praises Sants for recognising his weaknesses and for taking the helm at a difficult time, but says the trade body could never align itself with some of his views.
"Hector said in a speech he believes firms should be afraid of the FSA. We find this sentiment extremely difficult. We think firms should respect their regulator and in turn their regulator should respect them as a community. There should not be a culture of fear," he says.
Cummings also says Sants missed a vital opportunity to address disproportionate fees while heading up the regulator.
"We want proportionate regulation which is different for different markets, avoiding damaging regulatory purity. As CEO, Sants definitely should have looked at the fact IFAs pay a disproportionate share of the FSA's fees."
The AIFA head says it is too early to speculate on who may be Sants' successor: "The industry could see someone from the Bank of England taking the reins if the structure of the regulator changes following the General Election."
On speculation Sally Dewar, managing director of the FSA's Wholesale Markets Division, may take over as interim CEO, Cummings only says "she is very talented".
Will assess regulation
Client was warned of risk
Megan Butler keynote speech at Women in Finance summit
Market anticipates a May hike
Newly-formed Mobius Capital Partners